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When Satoshi Nakamoto introduced his famous white paper in 2008, he noted that the steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation. GoldCoin, one of the fastest growing cryptocurrencies, adds value in just the same way, but its improved network speeds up the process and makes it even safer than that of the original bitcoin. Hence, investors trust GoldCoin and know it will continue to evolve in this manner.
GoldCoin, which has consistently spiked in value since its creation in 2013, is faster than BTC and LTC in confirmation times and is the only coin to provide a 51% attack defense system.
Preventing The 51% Attack
In a 51% attack, the attacker controls the majority of the network’s mining power, and since the network automatically chooses the longest blockchain to be the correct one, this gives the attacker control over transactions. This allows them to spend the same coins on an exchange over and over again.
GoldCoin’s 51% defense prevents an attacker from outracing the main blockchain, even if they pour all their hashpower into the network to make the difficulty spike. The defense keeps block times very close to the 2-minute target time, resulting in orphaned blocks instead of quickly increased difficulty.
Furthermore, since the 51% defense keeps block times close to the network adjusted time, the block times cannot be much faster than one every two minutes, making the process of outracing the main chain very long, difficult and expensive.
Combine this GoldCoin’s Golden River algorithm quickly dropping the difficulty back down after just a few blocks, and the attacker’s difficulty in switching the main chain to his side chain becomes virtually impossible.
The Golden River algorithm is designed to produce orphan blocks with the aim of having very accurate block times. These orphans will be of a lesser and lesser amount as the network grows larger and hash power variance gets smaller, however. Unlike the standard difficulty algorithm in bitcoin, Golden River does not sacrifice fast block times for the sake of not having miners encounter orphans.
GoldCoin is the only coin to date that can claim resistance to 51% attacks, and post block 100,000, can claim virtual immunity from such attacks.
No More Multi-Mining Pools
With GoldCoin, there are no more multi-mining pools that simply mine a coin while the difficulty is low and thereafter immediately dump, and no more fear from hash power attacks because of some server farm.
“Security is ensured by keeping the fundamentals of blockchain and ledger as they should be,” Greg Matthews, GoldCoin system administrator, said. “We don’t do SegWit for example. We still have the original tiny transaction fee that originally was charged by bitcoin – now it is much larger.”
SegWit would indirectly increase a block’s capacity to store more transactions than originally intended by bitcoin’s founders, Matthews noted.
GoldCoin can grow without the “hard forks” that bitcoin has had to create to improve its ability to handle a larger number of transactions.
GoldCoin uses “on-chain” scaling, which requires a gradual change in the blockchain, as opposed to adopting solutions alien to the bitcoin concept, the path that the original cryptocurrency has taken.
The GoldCoin network is 10 times as powerful as bitcoin’s, with block times of two minutes versus bitcoin’s 20 minutes. GoldCoin is already using 2 MB blocks, larger than those used by bitcoin.
“Combine that with the fact that we have a target time for blocks that’s five times faster than bitcoin, and the fact that bitcoin’s block times are erratic because of the poor difficulty algorithm, and we will do much better in practice than even 10 times BTC’s throughput,” said GoldCoin developer Amir Eslampanah.
Currently regarded as one of the world’s top experts in cryptography, Eslampanah has been coding since he was eight years old. He graduated with honors from the Sir Robert Borden High School and he was a candidate in the University of Waterloo’s Honors Software Engineering COOP program for two years, where Ethereum founder Vitalik Buterin was a former classmate. Eslampanah went on to become the lead developer of GoldCoin and is the founder of the Golden River Mining algorithm.
“And there is no loss of transaction/block coupling that comes with Segregated Witness – a signature verification technique that bitcoin uses. GoldCoin is against Segregated Witness and lightning networks, and so our security is better,” he said.
“GoldCoin will always aim to be true to the original protocol described by Satoshi Nakamoto in his whitepaper, while others experiment with outlandish and potentially dangerous protocols at the risk of their users,” Eslampanah said.
GoldCoin continues to only charge a small fee for transactions, compared to those charged by bitcoin.
“GoldCoin aims at improving the user experience while maintaining the highest level of security for its holders,” Eslampanah said. “It is a user-first currency, as the miners are always secondary, albeit much appreciated.”
“It’s about the decentralized consensus of users and what they want most from the currency,” he said. “We will not go the route of bitcoin being held captive by large mining pools instead of doing what’s best for our users. If you try today to transfer any amount of BTC without a substantial fee, it can take 40 minutes to literally hours for the currency to confirm once in your wallet, while with GLD, it’s a few minutes at most.”
“Goldcoin isn’t about gambling,” Eslampanah concluded. “It isn’t about the next new thing, it’s about creating an alternative to government-controlled fiat currency, one that is reliable, secure, and that people can depend on. That’s the new digital gold.”
GoldCoin’s popularity rose rapidly in late December, forcing the Bittrex exchange to shut down trading it. The price had risen steadily over the past few years before the vast wave of interest in cryptocurrencies in 2017.
The GoldCoin roadshow will kick off in the Spring 0f 2018 with a conference tour that will allow the team to showcase the cryptocurrency’s technology and new software to the industry all over the world. Ahead of that time, an IOS wallet will be created for GoldCoin. There are already GoldCoin wallets for Android, Windows and Linux.Follow us on Telegram.